Now Raise The Export Tax Rebate Rate, Let Small And Medium-Sized Enterprises Take A Breath.

2008/8/1 15:46:00 18

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Export Tax Rebate Rate Textile Small And Medium Enterprises

From now on, China will increase the export tax rebate rate of some textiles and garments, and industry researchers believe that the textile and garment industry is relatively difficult to survive or improve, and some leading companies in the fine industry will benefit more.

The Ministry of Finance and the State Administration of Taxation issued the notice on adjusting the export tax rebate rate for some textiles and garments, the Ministry of Finance announced yesterday.

The circular pointed out that since August 1, 2008, the export tax rebate rate of some textiles and clothing has increased from 11% to 13%, and the export tax rebate rate of some bamboo products has increased to 11%.

At the same time, the export tax rebates for some products with high energy consumption, high pollution and resources are cancelled at the same time, including red pine nuts, some pesticide products, some organic arsine products, paclitaxel and its products, rosin, silver, zinc zero, some coating products, some battery products, carbon anode and so on.

Since 2006, China has reduced the export tax rebate rate of some industries several times, in order to change the growth mode of enterprises, enhance competitiveness and reduce the large trade surplus.

However, due to the impact of the US subprime mortgage crisis, the global economic growth slowed down, and at the same time, under the pressure of the acceleration of RMB appreciation, many enterprises began to slow down and profits also declined sharply.

Customs data showed that in June, China exported $15 billion 520 million of textile and clothing, a decrease of 680 million US dollars compared with the same period last year, while the growth rate of textile and apparel in the first half of this year has dropped to 11%.

Coupled with the pressure of higher domestic cost growth, the profits of textile and garment export enterprises have shrunk seriously, and many small and medium-sized enterprises have been forced to cut production, stop production or even go bankrupt.

Shi Hongmei, a researcher at Orient Securities and textile and garment industry, believes that the impact of this policy is slightly lower than the previous market expectations.

Taking the whole year as the measuring cycle, and putting all textiles into the up limits, without considering the partial benefits that may be shared by the importers, according to the static P / E ratio, the increase of the export rebate rate directly increases the profits of the enterprises. The increase of one percentage point is equivalent to directly increasing the 1% of the total trade volume of the enterprises to profits.

According to the 2008 export growth of 15%, industry sales revenue growth of 15%, total profit growth of 12%, the industry's export tax rebate rate is increased by 2 percentage points, which will directly increase the profit of textile and garment enterprises by 2 billion 700 million US dollars. With the exchange rate 6.8, the industry profits will increase by 18 billion 400 million yuan. Profits from the export tax rebate increase will account for 14% of the total profits of the industry, and the profit margin will increase by 0.6 percentage points.

Shi Hongmei believes that in the short term, the impact of the increase in the export tax rebate rate on the industry's profits and exports is directly positive, especially for a large number of export oriented SMEs who are close to failure in this adjustment variety. This adjustment may provide a breathing space for them, and will create trading opportunities for the industry in the short term.

But in the long run, it is not conducive to industrial pformation and upgrading.